Ripple market update: XRP/USD triangle breakout loses steam as SBI tightens collaboration with Ripple
|- Ripple has formed a high at $0.3215 before correcting lower 0.53% on the day.
- The vital support at $0.30 is key to Ripple’s recovery towards $0.35.
The much-awaited contracting triangle breakout finally occurred during the Asian session on Thursday. Unfortunately, no significant movement was made above the immediate resistance at $0.32. Ripple has formed a high at $0.3215 before correcting lower 0.53% on the day.
Japan’s Financial giant SBI Holdings, one of Ripple’s main partners recently announced the formation of a new company referred to as MoneyTap. The new company concentrates mainly on cashless payments using Ripple’s xCurrent technology. A notice released to that effect says:
“Money Tap will further accelerate innovation by further promoting the introduction of new technologies, etc. with the full cooperation of Ripple in the United States, and in addition to participating in the foreign exchange consolidation consortium and other financial institutions.”
Meanwhile, Ripple is supported by the 50% Fibonacci retracement level taken between the last swing high at $0.3481 and a swing low at $0.28. A bearish trend is building at the time of writing although the bulls are still present according to the levels shown by the RSI and the MACD indicators on the 4-hour chart. Both the 50 SMA and the 100 SMA 4-hour currently at $0.31 and $0.3156 will act as immediate support lines in case XRP slides further below the Fib level. The weekly support at $0.3150 will come in handy while the vital support at $0.30 is key to Ripple’s recovery towards $0.35.
XRP/USD 4-hour chart
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